Upbit, one of the largest crypto exchanges in South Korea, has published its token listing procedure.
With the development of the crypto industry, major exchanges are developing new policies for the process of listing new cryptocurrencies and delisting existing ones. Upbit also aims to prevent those who take advantage of it by announcing their listing decisions before the crypto-asset is integrated into the stock market and by tracking on-chain data.
Upbit Token Listing Procedure Released
Crypto exchange Upbit has released its token listing procedure in response to pressure from the government following the collapse of the Terra stablecoin.
Listing procedures are implemented to review the transparency of the underlying project, support for transactions, and secure transactions for investors.
The Seoul-based exchange sends a notification to the firm 10 days before it is delisted, except for emergencies. Delisting criteria, on the other hand, are applied in cases of violation of laws, discovery of technological vulnerabilities and abandonment of the project in order to protect the user.
A senior executive at Upbit, who has so far described Korea’s cryptocurrency regulatory framework as a replica of the securities market, told CoinDesk:
“Some cryptocurrencies, such as Memecoin, do not properly fall into a category made for securities or other commodities. For reasons like these, local regulations will act against the competitiveness of the market.”
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